Given the disposable income for the average household, Canadians now owe more than $1.70 in debt, the CBC notes. But what’s driving those debt loads? Here’s a look at why so many of us owe so much money.
Housing costs
Low borrowing costs have made it easy for a lot of people to buy homes they cannot afford in the long term. But rising home prices are making it harder to meet those payments. This is one of the main reasons why a lot of people have debt.
Credit card bills
Plenty of consumers are putting their house payments on their credit cards. But paying with credit cards makes it less likely for them to feel the pinch. They don’t get to see how it shreds their disposable income. Which is why a lot of them still have the confidence to take out another line of credit or an extra credit card to manage their everyday expenses. By getting another card, they just add more to their expenses. Before they realize it, they’re already deep in debt.
Bad habits
Bad money spending habits cost you. Before you spend on anything, ask yourself if you need it. If it’s not bringing any value to you, if it’s something you can easily live without, then check your buying impulses and stop spending money like water.
What to do
In case you end up with a bigger pile of debt than you initially realized, don’t go at it alone. There are companies that can help you pay off your debt. Ask a 4 Pillars debt counselor in Victoria for help. With expert assistance, you’ll know what your options are. They can help you deal with your debt. With debt consolidation assistance from an experienced 4 Pillars debt counselor in Victoria, you can finally leave debt behind.
You can contact our consultant Chris Grew for more details!
Disclaimer: All 4 Pillars Debt Relief Specialists are independent consultants that represent and advocate for the debtor during their insolvency and throughout their financial rehabilitation. 4 Pillars Debt Relief Specialists are not Licensed Insolvency Trustees, Lawyers, or Non-profit Credit Counsellors.
